multi currency

Hi Suzan, enabling Multicurrency indeed disables the Cash Flow Planner.

I understand how this warning might have felt sudden or easy to miss. I want to assure you that disclaimers are displayed when you enable the feature. QuickBooks Online provides these details because switching to Multicurrency cannot be reversed and permanently changes how some functions work.

Regarding your second concern, you don’t need separate bank accounts for every currency. Instead, you’ll assign a currency to each customer or vendor based on their transactions.

When you transact with them, simply enter an exchange rate to reflect the conversion. The program handles the calculations for you. Foreign currency values are automatically updated every 4 hours from Wall Street On Demand.

I know this change can feel overwhelming, but if you need help optimizing your setup or adjusting to Multicurrency, we’re here to assist you. 

@suzannek1 

Did you convert your data from QB Desktop? You might consider converting it again to a new QBO account. Then, migrate the rest of your data from your old QBO account or purchase a third-party migration service.

Hello,

I just wrote a long email and my authentication failed!!!
So. How does this work? I will be creating invoice in foreign currency. No idea what currency it will arrive in. If it is a wire, the bank will convert to USD. If a check, I will take to the bank and they will convert to USD. But the invoices have to be in foreign currency. So when I receive the money in USD and the invoice is in USD, what do I do? How does QBO convert? Can you explain the process?

Hello,

I just wrote a long email and my authentication failed!!!
So. How does this work? I will be creating invoice in foreign currency. No idea what currency it will arrive in. If it is a wire, the bank will convert to USD. If a check, I will take to the bank and they will convert to USD. But the invoices have to be in foreign currency. So when I receive the money in USD and the invoice is in USD, what do I do? How does QBO convert? Can you explain the process?

Hi there, @suzannek1. Let me explain how the foreign currency workflow works when your bank converts payments to USD.

When you create a foreign currency invoice, QBO tracks the USD value in the background using a default rate.

Once you’re ready to record the funds, just use the Receive Payment function. You'll see a currency exchange field right there. You can manually edit that rate to match exactly what your bank gave you. Since those fields are fully editable, you’re never stuck with the automatic rate.

Regarding that authentication error, ensure you're using an updated browser. If the same alert message occurs, open an incognito window to rule out any cache issues.

Let me know if you need a hand with any other multicurrency tricks.